Save up to 70% on staffing cost whilst driving innovation and growth
Your one-stop shop for financial services outsourcing advice. We cover:
- Outsource financial
- Insurance outsourcing companies
- Outsource billing
- Outsourced billing companies
- Outsourced billing services
- Insurance outsourcing services
- nsurance lead generation
- Financial services outsourcing
- Outsource collections
- Insurance telemarketing
- Core financial outsourcing
- Financial planning outsourcing
Key Benefits
Recruitment of more qualified talents
Almost half of companies around the world are facing talent shortage in their home base.
By considering service providers outside their countries, they can easily hire employees with skills set that match their needs.
Improve on your core competency
Routine tasks can become restrictive to your company’s growth.
When you free up your staff from such functions, you can draw their attention to improving your core services which ultimately enhances your company performance in the long term.
Keep labor costs down
Before outsourcing was first coined, many manufacturing companies have been relocating key components of their business to offshore countries to cut costs.
This strategy has been adapted by companies in different sectors to avoid capital expenditures and benefit from labor arbitrage.
Reduced liability risks
Outsourcing companies are well-adept to industry’s rules and regulations.
When you work with one, you can rest assured all your process and systems are up to date and compliant with international standards.
Increased Employee Productivity
You can increase the quality of the output produced per day when you work with an experienced outsourcing provider specializing in your niche.
Their resource agents have technical skills required to deliver results within a shorter period of time.
Focus on revenue generation
Aside from cost savings, many US companies are hiring an external service provider to save time doing tones of process-driven tasks.
This way, the time doing time-consuming functions can be shifted to focusing on activities that generate revenue.
Common Business
One of the reasons why mortgage companies outsource is efficiency. Outsourcing companies have specialized brokers who can process mortgage applications quickly and with minimal errors.
Mutual fund corporations are the most common non-banking financial institution that take advantage of outsourcing. They enlist service providers specializing in functions that will improve the service they provide to their clients.
Both retail (for individuals) and commercial (for businesses) banks have shifted their traditional models in favor of outsourcing.
The non-strategic functions that were usually done in-house are being outsourced to a third-party service provider for a lower salary rate.
Brokerage firms need to be creative in their ways to keep up with their competitors. By outsourcing, even small to medium-sized businesses can gain access to the latest technology without shelling out a huge amount of money.
Outsourcing helps credit unions keep their operational costs down while maintaining the continuity of their processes. Since outsourcing vendors already have a team in place, the transition and turnaround time are shorter than when you hire an additional staff to do certain tasks.
Just like other financial institutions, outsourcing of back-office functions has taken off in the insurance industry too.
By enlisting an external vendor, insurance providers are able to build a team dedicated to do specific functions without affecting their core operations.